MONEYVAL Public Statement on Bosnia and Herzegovina AML/CFT Deficiencies

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The Council of Europe Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism ( MONEYVAL ) points out that there are still deficiencies in the anti-money laundering/combating the financing of terrorism ( AML/CFT ) regime in Bosnia and Herzegovina.

20.04.2015

This circular is intended for: credit institutions, financial services institutions, payment institutions, e-money institutions, agents pursuant to section 1 (7) of the Payment Services Supervision Act (Zahlungsdiensteaufsichtsgesetz – ZAG ), e-money agents pursuant to section 1a (6) of the ZAG , enterprises and persons pursuant to section 2 (1) no. 2c of the Money Laundering Act (Geldwäschegesetz – GwG ), Investment management companies (Kapitalverwaltungsgesellschaften), branches of EU management companies and foreign AIF management companies, foreign AIF management companies for which the Federal Republic of Germany is a reference Member State and which are supervised by the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin ) pursuant to section 57 (1) sentence 3 of the Capital Investment Code (Kapitalanlagegesetzbuch – KAGB ), insurance undertakings offering life insurance contracts or accident insurance contracts with premium refunds, as well as financial holding companies and mixed financial holding companies in the Federal Republic of Germany

The Council of Europe Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism ( MONEYVAL ) issued a revised public statement on Bosnia and Herzegovina at its plenary meeting on 12 December 2014.

In its statement
MONEYVAL points out that there are still deficiencies in the anti-money laundering/combating the financing of terrorism ( AML/CFT ) regime in Bosnia and Herzegovina.

MONEYVAL calls on all states to advise their financial institutions to pay special attention by applying enhanced customer due diligence measures to transactions with persons and financial institutions from or in Bosnia and Herzegovina in order to address the money laundering and financing of terrorism risks.

Accordingly, enhanced customer due diligence requirements apply with immediate effect to business relationships with and/or any financial transactions conducted by or with natural or legal persons, particularly financial institutions, resident or domiciled in Bosnia and Herzegovina.

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